WEIXING(SZ:002003) Shenwan Hongyuan Securities·2025-03-30 07:40Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 4.67 billion yuan for 2024, representing a year-on-year growth of 19.7%, and a net profit of 700 million yuan, which is a 25.5% increase year-on-year [7][12] - The international market revenue grew by over 30%, indicating a strong competitive advantage being replicated globally [1][7] - The company has a robust cash dividend policy, with a total cash dividend of 585 million yuan for 2024, resulting in a dividend payout ratio of 83.5% [7] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 5.17 billion yuan, with a year-on-year growth rate of 10.5% [6] - The projected net profit for 2025 is 791 million yuan, reflecting a 13.0% year-on-year increase [6] - The gross margin is expected to improve slightly to 42.0% in 2025, with a return on equity (ROE) projected at 17.3% [6] Sales and Market Performance - Domestic revenue for 2024 reached 3.09 billion yuan, a 14.7% increase, while international revenue was 1.58 billion yuan, growing by 30.6% [7] - The company’s production capacity utilization rate improved to 66.8%, with domestic utilization at 73.2% and international at 48% [7] Strategic Outlook - The company is expanding its production capacity, particularly in Vietnam, which is expected to enhance its competitive edge and long-term growth potential [7] - The report emphasizes the company's transition towards digital manufacturing as a key driver of its high growth [7]